Gluwa founder and CEO Oh Tae-lim / Courtesy of Gluwa

Traditional banking systems left more than half of the world's population unbanked, according to the World Bank, making it difficult for many people to access credit from mainstream lenders. To address this gap, Gluwa, a San Francisco-based startup, has adopted a fresh method — blockchain.

"Our long-term vision at Gluwa is to create a blockchain ecosystem capable of serving billions globally. Blockchain's core promise — borderless, permissionless infrastructure — guides our continuous innovation and development efforts," Gluwa founder and CEO Oh Tae-lim said in a written interview with The Korea Times.

Oh, a Korean entrepreneur, graduated from Carnegie Mellon University in 2012. He gained recognition in 2016 after Gluwa secured investments from the Silicon Valley VC firm 500 startups and YouTube co-founder Steve Chen.

To serve financially underserved countries, Gluwa uses its blockchain network, Creditcoin.

The system records users' payment histories — such as utility bill payments — on a public blockchain, creating verifiable credit profiles. This infrastructure is integrated with a stablecoin-based financial network tied to fiat currency, making financial transactions more accessible.

The system not only helps individuals without traditional banking access build credit profiles but also enables Western fintech lending companies to expand over borders.

"The U.S. financial system still relies heavily on paper-based processes, with digital systems merely replicating paper-based methods. Countries without such legacy infrastructure have the unique advantage of adopting today's best technologies from scratch," Oh said.

One of the most prominent examples of Gluwa's impact can be seen in Nigeria.

A financial infrastructure development project using Creditcoin has benefited around 2 million Nigerians, significantly expanding financial access, according to the firm. Previously, only 200,000 people — just 0.1 percent of Nigeria's population — had access to financial services.

Additionally, in March 2024, Gluwa signed a memorandum of understanding with the Central Bank of Nigeria and is working as a key partner in developing the country's central bank digital currency (CBDC).

Students attend a class on blockchain and artificial intelligence at an educational center in Nigeria in this undated photo. The startup runs a blockchain and AI education program in the country in partnership with the Nigerian vice president's office and Jigawa State Government. Courtesy of Gluwa

"With its population already at 230 million and growing rapidly, Nigeria is projected to become one of the world's most populous nations. Establishing a strong market presence today could mirror the strategic advantage of succeeding in China decades ago," Oh said.

Gluwa is also actively expanding into South Asia and Southeast Asia, and has strategic plans to enter the Middle East, North Africa and Latin America.

Now, Gluwa is setting its sights even higher — by launching satellites.

While working to provide financial services to underbanked markets, Oh realized that many potential users also lacked internet connectivity. "To truly serve these communities, we first needed to address their connectivity gap," Oh explained.

Fortunately, recent advancements in the aerospace industry have significantly reduced the costs of satellite development and launch. Gluwa's research confirmed that it could build a cost-effective satellite network by optimizing for the number of simultaneous connections rather than bandwidth alone.

Its first satellite, CTC-0, successfully launched with SpaceX in December. This October, it will launch its initial satellite constellation, three CTC-1 satellites, with SpaceX.

"While the initial satellite demonstrated basic space-to-ground communication, this upcoming constellation will test advanced features such as inter-satellite linking, seamless handovers, noise normalization and proof-of-location capabilities," Oh said.

He believes Gluwa's strong vertical integration of technologies — including blockchain protocols, smart contracts, web and mobile services and satellite and telecommunications technologies — gives the company a competitive edge in the market. This seamless integration is an outcome of Gluwa's evolution over the past decade.

"Thanks to incredible talent and technological advancements, we're developing solutions that were inconceivable when we began," Oh said. "We remain committed to realizing this transformative vision through ongoing technological advancements."